Recovery Report: Hexion Specialty Chemicals Inc.'s Recovery Rating Profile Jun 09
- ID: 2084538
- June 2009
- Standard & Poors
On June 29, 2009, Standard & Poor's Ratings Services revised its issue level ratings and recovery ratings on Hexion Specialty Chemicals Inc.'s senior secured debt, second-lien debt, and unsecured senior debentures. We revised the issue-level rating on the senior secured debt to 'CCC+' (same as the corporate credit rating) from 'B-'. The recovery rating was revised to '4', which indicates our expectation for an average (30%-50%) recovery in the event of a payment default, from '2'. We revised the issue-level rating on the second-lien notes to 'CCC' (one notch lower than the corporate credit rating) from 'D'. The recovery rating was revised to '5', which indicates our expectation for a modest (10%-30%) recovery in the event of a payment default,...
Companies mentioned in this report are:
- Hexion Inc.
- Hexion U.S. Finance Corp.
- Hexion Nova Scotia Finance ULC
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